Revised Lock Policy

May 8, 2020rashtonNews

Overview

Effective May 11, 2020, the Wholesale/Correspondent lock policy will allow a 60-day lock at the Approval milestone regardless of whether the appraisal has been received. There is no longer an option for a 45-day lock term. See updated Minimum Lock Term table below.

Revised Lock Policy

Encompass and Optimal Blue will enforce these requirements.

 

Lock Extension Policy

Extensions:

  • Maximum of up to two extensions
  • Maximum extension period of 15 days in the aggregate
  • Current extension fee charges remain in place (see rate sheet)
  • Free 3 day remains in place (existing policy applies)
  • No additional concessions will be considered for extension fees charged

Resources

Refer to the CMS Wholesale Rate Lock Policy for additional information.